Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) i Requirements Purchases Inventory on Hand Cost of Goods Sold Total Unit Total Unit Unit Total Quantity Date Quantity Cost Cost Quantity Cost Cost Cost Cost 1. Compute cost of goods sold and gross profit using the FIFO inventory Dec. costing method. 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted-average cost per unit to the nearest cent and all other amounts to the nearest dollar.) 11 3. 23 Which method results in the largest gross profit, and why? 4. 26 Print Done 29 20 tires $ 63 each Dec. 1 Beginning merchandise inventory 12 tires 11 Purchase 87 each Totals 23 Sale 18 tires 100 each 14 tires@$ 90 each 26 Purchase Enter any number in the edit fields and then click Check Answer. 18 tires $ 100 each 29 Sale parts remaining 6 Clear All Print Done